Strong uranium grades are leading Strateco Resources (RSC-T, SRSIF-O, RF9-F) to the north side of a new mineralized zone discovered on its Matoush property in the Otish Mountains of Quebec.
While most of the drilling was done in December on the new zone, it was the last few holes in January that were the most encouraging.
Hole MT-08-003 returned a 5.8-metre intersection grading 2.86% eU3O8, including 3.4 metres grading 4.48% eU3O8.
December drilling included a 2.3-metre intersection grading 0.62% eU3O8 and 5.3 metres grading 0.37% eU3O8.
The "e" in eU3O8 stands for the estimated or equivalent value of U3O8 as determined by downhole geophysical probing. That means the value is not obtained by drill core assay, but rather by converting gamma radiation measured in-situ in the drill hole into U3O8 values by assuming that all gamma radiation can be directly attributed to the quantity of uranium present in the rock.
Strateco reports that the best intersections came from the northern end of the deposit in the direction of the presumed extensions of a vertical fault intersected in the upper levels.
The new zone, where the company drilled on a 100-metre grid, is located about 200 metres below the AM-15 lens at a vertical depth of 300 to 600 metres over a length of 450 metres.
The company says the presence of fuschite alteration and the absence of dykes in the three most northern holes shows that there’s a strong potential to find more mineralization.
Strateco, which has four drill rigs on site, has continued testing the deposit to the north. The company began a 40,000-metre drill program in early January with 115 “very strategic,” holes planned over the 312 sq. km property.
Five km to the east of AM-15, Strateco is focusing on the Laurent Martin area, which is the southern extension of the AM-15 lens. The company has already started drilling the first hole, located on a lake, which couldn’t’ be drilled last winter.
Strateco has budgeted $22 million for the Matoush project this year.
Strateco shares fell 2% or about 5 in Toronto to $2.42 each on a trading volume of 778,000 shares.
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